Jersey Shore Market Report ... from Ocean City, New Jersey
It's almost the starting time for the "fall buying period" ... one of the two major buying times in shore resort communities like Ocean City, New Jersey. Now I've been around long enough to remember December months when I had 6-7 closings to wrap up the calendar year. I recall those other years when the spring buying period resulted in condominium sales followed by a strong rental summer rental season with a relisting of said condo property in the fall buying period for another $100,000 plus from the original purchase price. "Now that was then and this is now."
Almost every fall since the significant "fall" of 2005, which was the last great boom year for those of us at the Jersey Shore, has been impacted by national economic news affecting real estate. And it started today again with a negative report on housing on the Today program. But everyone knows that we speak in terms of a national real estate market, but it is indeed "a local real estate market."
So here we go again: "I'm expecting a good fall buying period." Why? The condominium market is such that the listing prices are low ... and about as low as they are going to go right now. The single family market has held its own for the past several years ... the number of listings is about normal for us in this property category. Plus we always have a number of buyers moving from condos to singles.
Although the resort market is not "the real world," it does continue to attract a lot of people ... those people who have an ongoing history of the Jersey Shore in general and Ocean City in particular. What happens is that as families continue to grow, other family members look for housing here. We also have trade ups and trade downs ongoing. As mentioned before, we have moves between property categories: from condos to singles. We also have changes in usage ... from being a rental owner to a second home owner, from second home owner to year round or retirement owner. All of these changes often result in houses being sold and purchased.
We also deal in a wide variety of building conditions here in Ocean City (NJ) ... a lot of older homes often used only in the summer months. So we have a constant changing pattern of renovations, sometimes tear-downs, new construction, etc.
I'm bullish about the months of September, October, and November here in Ocean City (NJ) for the real estate market. If you want to talk about the market, ask questions, provide comments, etc. ... just contact me via email at Dustin@BeachNotes.net or 888-215-9935 or 609-231-6379 dap
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